The US Senate on Wednesday confirmed Kevin Wash as the next Federal Reserve Chairman, replacing Jerome Powell.
The Senate voted 54-45 to confirm Warsh.
Democrat Senator John Fetterman crossed the aisle and voted with the Republicans to confirm Warsh.
CNBC reported:
Kevin Warsh was confirmed Wednesday as the next Federal Reserve chair, taking over the central bank at a time when President Donald Trump is pushing for lower interest rates even as fresh inflation data complicates the case for cuts.
In the most divisive vote ever for a Fed chair, Warsh, 56, won confirmation to take over for Jerome Powell, who has served in the top leadership position since 2018 and whose term will expire Friday.
The Senate voted 54-45 to confirm Warsh, ending a monthslong saga that began in the summer of 2025 and included an extensive search for Powell’s successor. The vote was almost completely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over to vote for Warsh.
The Federal Reserve last month left interest rates unchanged at 3.5% to 3.75%.
Powell said he plans to remain on the board as chairman after his term ends next month “for an undetermined period of time.”
Kevin Warsh’s nomination moved forward after the Justice Department last month dropped its criminal investigation into Fed Chairman Jerome Powell.
Senator Thom Tillis vowed to block Trump’s Fed Chair confirmation until the Justice Department dropped its investigation into Powell.
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